Pan

FEATURED ARTICLES ABOUT PAN - PAGE 2

NEW DELHI: In order to enhance "Know Your Client" norms, the Securities and Exchange Board of India has made Permanent Account Number (PAN) mandatory for opening demat accounts on or after April 1, 2006. In respect of demat accounts opened before April 1, 2006, it is mandatory for the account holders to provide PAN to depositories by December 31, 2006. Where PAN is not provided, the demat account would be 'suspended for debit' after December 31, 2006 till it is provided, government said in a statement.

PUNE: People who have applied for permanent account number (PAN) but have not got it as yet will be able to file their income tax returns without quoting PAN before September 30. H O K Shrivastava, chief commissioner, Income Tax, Pune has agreed to give the relaxation on request from the Mahratta Cham-ber of Commerce, Industries and Agriculture (MCCIA). A statement released by MCCIA said that the chamber had sent a representation to the chief commissioner urging him to resolve the difficulties faced by the tax payers in filing their returns in cases where the application for PAN was pending.

MUMBAI/PUNE : Investors may soon have to quote PAN (permanent account number) for all financial transactions, irrespective of the quantum of investment. PAN is set to become the common business number for all transactions in the financial sector, ranging from equities to debt, in the first stage. Small savings schemes may be covered in the second stage. According to senior officials, the government is considering a proposal to make PAN compulsory for all investments, irrespective of the size, so that all transactions can be monitored and later matched with the tax payers' returns.

NEW DELHI: The next time you buy an insurance policy or open a post office savings account, your may have to quote your PAN number compulsorily. Taking forward its budget announcement, the government has kicked off inter-ministerial consultations in this regard. In line with finance minister P Chidambaram's budget 2008-09 announcement, the finance ministry has sought views of the concerned departments ? banking, insurance and postal ? on making permanent account number (PAN)

Tax evaders beware because there is an innovative scheme to bring you into the net. The finance minister has an ace up his sleeve for all those who have been avoiding coming under the lens of the taxman by refusing to take a permanent account number (PAN). There could be rude shock coming their way. The income tax officer can now allot a PAN to a person even if there is no tax to be payable by such person. This will be extremely useful for getting people into the coverage who undertake high-value transactions but don't give PAN under the pretext of not having a number.

If there is one number that you need as your daily companion, then it is the Permanent Account Number (PAN). This number has, over the last few years, shed the image of being only an income-tax requirement and has become a virtual must for many activities. It is becoming increasingly difficult to conduct activities, especially investment-related transactions , without having the number. Consider the rapid transformation and what it means for you as an individual.

MUMBAI: Fearing that potential investors would be driven away because of the requirement of mandatory quoting of PAN, the mutual funds industry has charged it was being discriminated against, especially with relation to other players in the financial sector. While Permanent Account Number is not mandatory across the financial sector, mutual fund investors must quote their PAN, which the Association of Mutual Funds in India (AMFI), the apex body of the industry, said was a clear case of discrimination.

NEW DELHI: Market regulator Securities and Exchange Board of India (SEBI) on Tuesday extended the deadline for mandatory quoting of Permanent Account Number (PAN) by mutual fund investors till December 31 provided they give proof of application made for getting PAN. "SEBI has relaxed the norm for mandatory quoting of PAN by mutual fund investors till the year-end," Association of Mutual Funds in India (AMFI) Chairman A P Kurien said. SEBI, in a communication to stock exchanges and depositories on Monday, discontinued the practice of quoting Unique Identification Number and made PAN the sole identification number for all particitants in the securities markets.

NEW DELHI: The next time you buy an insurance policy or carry out a transaction at the post office, you will be required to provide your Permanent Account Number (PAN). The Budget has not specified the types of transactions though it was mentioned that the requirement of PAN would be extended to all transactions in the financial market subject to suitable threshold limits. Significantly, on the Rs 60,000-crore relief package for farmers, Mr R Prasad, chairman of the Central Board of Direct Taxes (CBDT)

A taxpayer has to quote a permanent account number (PAN) in most documents and transactions which he undertakes. The main purpose is to provide for his easy identification. PAN also links up various papers of the taxpayer like challans for his tax payment,for which credit is given to him. In high-value dealings, PAN is mainly intended to verify information provided by the taxpayer about transactions related to his business, investments and so on to check tax evasion. Currently, the income-tax department is allotting a PAN under the new series to all assessees.